Australia Prefabricated Buildings Market Trends and Competitive Analysis Report 2021-2028

Posted May 11, 2022 by sararaposo9

The Australia prefabricated buildings market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028.
The Australia prefabricated buildings market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising number of residential buildings growing investment in public housing. Moreover, increasing awareness about its benefits such as reduced material waste and less disruption to the surrounding environment is driving the market growth.

Prefabrication is the practice of assembling components of a structure in a factory or other manufacturing site, and transporting complete assemblies or sub-assemblies to the construction site. Higher quality buildings are built owing to stringent quality checks in the manufacturing facility.

Prefabrication in construction is the process of making buildings, or components of buildings, in a manufacturing facility. As the raw materials are built off-site and shipped partially assembled, prefabrication reduces the cost of labor and the cost of materials. Prefabricated units may include doors, stairs, window walls, wall panels, floor panels, roof trusses, room-sized components, and even entire buildings.

In prefabricated construction process, only foundations are constructed on the site, while sections of walls, floors and roof are prefabricated or assembled in a factory and is transported to the site. The prefabricated part is lifted into place by a crane and bolted together.

Market Trends, Drivers, Restraints, and Opportunities:
• Rapid industrialization and urbanization is expected to propel the market growth during the forecast period.
• Growing requirement of reducing the construction time owing to increasing population and minimizing the construction errors is driving the growth of the market in the projected timeline.
• Lack of awareness about the advantages of prefabrication can restrain the market growth.
• The outbreak of COVID-19 has negatively impacted the Australia prefabricated buildings market as it had halted the construction activities across the country. However, declining number of cases is expected to boost the growth of the market.
• Limitations imposed on the size of a prefabricated building owing to stringent road widths can hinder the market growth.
• Rising investment in the development of the technology to fuel the prefabrication process is expected to create remunerative opportunities in the projected timeline.

Australia Prefabricated Buildings Market Segment Insights:

Concrete segment to grow at a rapid pace
Based on material types, the market is divided into concrete, glass, metal, timber and others. The concrete segment is anticipated to account for a key market share and is anticipated to grow at a steady rate during the forecast period. Concrete possesses high compressive strength to withstand a huge amount of load. It has less corrosive and weathering effect and it is durable and fire-resistant and comparatively requires minimal maintenance. On the other hand, the metal and timber segments are expected to grow at a healthy rate in the projected timeline.

Residential segment to account a major market share
Based on applications, the market is divided into residential, commercial, and others. The residential segment is anticipated to account for a major market share due to rising use of modular construction technology in Australia. As a result, many low-rise apartments have been manufactured in the country. Rising population and increasing investment on the technology to develop prefabricated components are driving the segment growth. Conversely, the commercial segment is expected to grow at a sustainable rate during the forecast period. Rising supplanting of old school structures with newly-built modular classroom buildings is fueling the segment growth.

Compititive Landscape

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Issued By Growth Market Reports
Country United States
Categories Business
Tags prefabricated buildings market , prefabricated buildings market cagr , prefabricated buildings market share , prefabricated buildings market size
Last Updated May 11, 2022